3,041 Shares in State Street Corporation $STT Acquired by Clearstead Trust LLC

Clearstead Trust LLC bought a new stake in State Street Corporation (NYSE:STT) in the 2nd quarter, Holdings Channel.com reports. The fund bought 3,041 shares of the asset manager’s stock, valued at approximately $516,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wilkerson Advisory Group LLC acquired a new position in State Street during the fourth quarter worth $29,000. JPL Wealth Management LLC acquired a new stake in shares of State Street in the third quarter valued at $29,000. Phillip James Consulting Co. purchased a new stake in shares of State Street in the 4th quarter valued at $30,000. Elevation Wealth Partners LLC raised its holdings in shares of State Street by 153.6% in the 2nd quarter. Elevation Wealth Partners LLC now owns 175 shares of the asset manager’s stock valued at $30,000 after buying an additional 106 shares during the period. Finally, Whipplewood Advisors LLC acquired a new position in State Street during the 1st quarter worth about $34,000. Hedge funds and other institutional investors own 87.44% of the company’s stock.

Wall Street Analyst Weigh In

STT has been the subject of a number of research analyst reports. Truist Financial restated a “hold” rating and set a $191.00 target price (up from $176.00) on shares of State Street in a report on Friday, July 17th. Bank of America increased their price target on shares of State Street from $160.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 7th. Royal Bank Of Canada raised their price objective on shares of State Street from $155.00 to $196.00 and gave the company a “sector perform” rating in a research note on Friday, July 17th. Morgan Stanley lifted their price objective on shares of State Street from $183.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Finally, Evercore set a $200.00 target price on shares of State Street in a research note on Monday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $185.38.

State Street Trading Up 1.1%

STT opened at $191.92 on Friday. The business has a fifty day moving average price of $177.65 and a 200 day moving average price of $151.71. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.59 and a quick ratio of 0.59. State Street Corporation has a 12 month low of $104.64 and a 12 month high of $192.51. The stock has a market capitalization of $52.72 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 0.79 and a beta of 1.41.

State Street (NYSE:STT) last posted its quarterly earnings results on Thursday, July 16th. The asset manager reported $3.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.34 by $0.31. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.88 billion. State Street had a return on equity of 15.26% and a net margin of 15.02%.State Street’s revenue for the quarter was up 23.3% compared to the same quarter last year. During the same quarter last year, the company earned $2.04 EPS. Sell-side analysts expect that State Street Corporation will post 13.75 earnings per share for the current fiscal year.

State Street Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Thursday, October 1st will be issued a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.9%. This is a positive change from State Street’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend is Thursday, October 1st. State Street’s dividend payout ratio is 29.63%.

Insider Activity at State Street

In related news, EVP Michael L. Richards sold 1,500 shares of State Street stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $162.14, for a total value of $243,210.00. Following the completion of the transaction, the executive vice president owned 41,827 shares in the company, valued at $6,781,829.78. The trade was a 3.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP W. Bradford Hu sold 9,758 shares of the business’s stock in a transaction that occurred on Friday, July 24th. The stock was sold at an average price of $184.52, for a total transaction of $1,800,546.16. Following the transaction, the executive vice president owned 49,794 shares of the company’s stock, valued at $9,187,988.88. This trade represents a 16.39% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 49,576 shares of company stock valued at $8,415,875 over the last 90 days. 0.27% of the stock is owned by corporate insiders.

State Street Company Profile

State Street Corporation is a global financial services company that provides a range of investment servicing, investment management and investment research and trading services to institutional investors. Its principal activities include custody and fund administration, securities lending, performance and risk analytics, trading and execution services, and foreign exchange. The company also offers investment management through State Street Global Advisors, a major provider of exchange-traded funds and institutional investment strategies.

State Street serves a broad client base of asset managers, insurance companies, pension funds, endowments, and other institutions across North America, Europe, Asia and other global markets.